The project deep in the province’s picturesque mountains was to include 732 chateau-style villas, swimming pools, Turkish baths, health and beauty centers, a shopping center and a mosque, according to its website.

Customers from Qatar, Bahrain, Kuwait, the UAE and Saudi Arabia snapped up 350 of the villas, according to Hurriyet, at a going rate of $370,000 to $530,000. They specifically asked for the chateau-like design, according to the project’s consulting architect, Naci Yoruk.

“We couldn’t get about 7.5 million dollars receivables for the villas we have sold to Gulf countries,” Hurriyet quoted Yerdelen as saying. “We applied for bankruptcy protection but the court ruled for bankruptcy. We will appeal the ruling.”

The group finished building 587 villas before it applied for bankruptcy protection.

Although the court ordered the group to stop construction immediately, Yerdelen is still hopeful.

“The project is valued at $200 million,” he said. “We only need to sell 100 villas to pay off our debt. I believe we can get over this crisis in 4-5 months and partially inaugurate the project in 2019.”